Aegon USA Investment Management LLC

Item 5 – Fees and Compensation
A. Advisory Fees
Aegon AM US charges advisory fees consistent with applicable statutes and regulations and a client’s
investment management agreement. For discretionary investment advisory services, fees are typically
based on the investment strategy and the client’s assets under management and are negotiable. In
some cases, fees are based on the investment performance of the client’s account (see Item 6,
Performance-Based Fees and Side-by-Side Management).

For non-discretionary services, Aegon AM US will negotiate fees based on the specific services
provided. Non-discretionary client fee structures materially differ from discretionary client fees.

Various factors affect a client’s fees, including, but not limited to, the services required by the client,
whether a client is affiliated or non-affiliated, asset class, pre-existing relationship, the size of the account
(current or anticipated), investments in other strategies, or other factors, in Aegon AM US’ sole
discretion. Aegon AM US may also choose to waive all or a portion of negotiated fees for a given period.
Also, for fee calculation purposes, Aegon AM US may agree to aggregate the assets of related client
accounts, and such accounts may receive the benefit of a lower effective fee rate due to such
aggregation. Clients who negotiate a flat fee schedule could pay a higher total fee than those who pay
pursuant to a tiered fee schedule.

Aegon AM US typically requires a minimum fee amount for each of its products or services. The
minimum can differ depending upon the particular investment strategy and product. In certain
circumstances, the minimum amount will be waived. Aegon AM US’ standard discretionary investment
advisory fees are generally based on an account’s calendar quarter-end market values.

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Aegon AM US seeks to maintain accurate valuations of the holdings in our client accounts. Pricing of all
assets held in client accounts occurs at least monthly, with the exception of the natural resources private
equity underlying assets, which price quarterly. To the extent available, Aegon AM US uses readily
available market prices and/or independent pricing sources to value client assets. When market
quotations are not readily available or when the price provided by a pricing source does not, in our view,
represent fair value, Aegon AM US will determine the fair value of an asset. A conflict of interest exists
based on the fact that Aegon AM US determines how best to price each asset held in a client portfolio,
and those prices are then used to calculate performance, and for some clients, the market value for
purposes of calculating investment advisory fees. Aegon AM US seeks to mitigate these conflicts
through policies, procedures, and oversight by the Global Valuation Committee.

Aegon AM US does not act as the pricing agent of record in its capacity as adviser or sub-adviser for
client accounts, though Aegon AM US will provide assistance to the official pricing agents of those
accounts, usually custodian banks or accounting agents, upon request. For example, Aegon AM US will
provide pricing information for fair-valued securities held in client accounts. However, the official pricing
agent retains responsibility for determining the value of the securities in question. Under extreme market
conditions for illiquid strategies such as the natural resources private equity strategy, Aegon AM may
adjust pricing agent prices to better reflect our view of the current market conditions. In such
circumstances, these pricing adjustments are approved by the relevant oversight committee and
disclosed to the investors.

Clients typically are billed and pay fees prorated for the portion of the billing period, typically monthly or
quarterly, for which Aegon AM US has provided advisory services. Clients typically receive an invoice
and pay their fees directly. Fees can be payable and billed in advance or arrears. Other client-specific
arrangements are negotiable, depending on specific client circumstances.

Where Aegon AM US collects an advisory fee in advance and does not provide investment services for
the entire period, it will prorate the fee to reflect the portion of the period for which it provided investment
services and will return any excess fees paid to the client.

In addition to management fee types described above, for the private equity strategies, there may be
other fee types such as incentive, fees in a fund-of-fund structure, and acquisition. These fee types are
described in further detail in the client agreement and/or subscription agreement.

B. Additional Fees and Expenses
Aegon AM US’ advisory fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses that are typically incurred by clients. Client securities are maintained by an
independent custodian; clients pay all custody fees directly to their custodian.

Clients typically can incur certain other charges imposed by custodians, brokers, and other third parties,
such as deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund
transfer fees and other fees and taxes on brokerage accounts, and securities transactions.

In addition to fees calculated based on assets under management, Aegon AM US charges a negotiated,
agreed-upon annual fee to certain accounts to cover administrative overhead costs, performance fees,
or both, as described in Item 6, Performance-Based Fees and Side-By-Side Management.

Derivatives transactions for clients’ accounts generally entail brokerage, clearing, or other finance
charges. For certain accounts, Aegon AM US assesses quarterly or agreed-upon fees for each
derivatives contract in the client’s account as of the last day of each calendar quarter.

For certain non-discretionary clients, Aegon AM US receives a success fee for non-securities
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Item 7 – Types of Clients
Aegon AM US provides discretionary and non-discretionary investment advisory services to insurance
companies, corporate pension and profit-sharing plans, benefit plans, pooled investment vehicles such
as mutual funds, ETFs, CITs and privately offered alternative vehicles, joint ventures, charitable
organizations, endowments, government plans and municipalities, foreign funds such as UCITS, other
US and foreign institutions, and other investment advisers.

Before agreeing to manage a client's assets in a separate account, Aegon AM US typically requires a
minimum investment of $50 million, though the minimum can differ depending upon the particular
investment strategy, product structure, client vehicle, or client type. In certain circumstances, the
minimum amount will be waived.

At the time of client onboarding, Aegon AM US assesses the potential risks and/or conflicts associated
with the type of client and confirms that policies and procedures are in place to mitigate identified risks
and/or conflicts.

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